Settings -> Language & input -> Spell checker -> off

Settings -> Language & input -> Android Keyboard (AOSP)-> Preferences
 -> Auto-capitalization -> off
 -> Double-space period -> on
 -> Vibrate on keypress -> off
 -> Sound on keypress -> off
 -> Popup on keypress -> on
 -> Voice input key -> on

Settings -> Language & input -> Android Keyboard (AOSP)-> Text correction
 -> Auto-correction -> Off